Shays to host mortgage help forums in Stamford, Bridgeport

Jared Newman

Published 7:00 pm, Thursday, February 21, 2008

REGION -- Those caught up in the subprime mortgage crisis can get free advice at a forum Saturday.

Rep. Christopher Shays, R-4, will host forums in Stamford and Bridgeport. Members of federal and state agencies will speak on panels about the issue and nonprofit housing agencies from the area will provide information for homeowners.

The forum in Stamford is from 9:30 a.m. to 12 p.m. at the University of Connecticut-Stamford campus, 1 University place. The Bridgeport forum, at the Barnum Museum at 820 Main St., starts 1:30 p.m. and ends at 4 p.m.

"Given the challenges in the subprime mortgage market, it's important homeowners have as much information as possible to prevent foreclosures," Shays said in a statement. "These forums will help residents of the fourth district learn more about steps they can take to avoid this growing problem."

Each forum will consist of two panels and a question and answer session.

During the first panel, experts will address the problems resulting from the mortgage crisis and discuss possible solutions. Panelists at the Stamford location include representatives from the Federal Housing Administration, the Connecticut Housing Finance Authority and the Connecticut Society of Mortgage Brokers.

Tables will be set up during the second panel where people can take information with them or set up appointments with nonprofit housing agencies for counseling assistance.

Those who attend should bring any mortgage statements or agreements made with their bank, a spokesman for Shays said. Paper and a pencil may also be helpful.

Shays voted for a bill passed in November that requires lenders to document that borrowers can repay their mortgage during both any discounted introductory period and after the rate rises.

The legislation is intended to hold lenders more accountable and help prevent another subprime crisis.

Staff writer Jared Newman can be reached at (203) 354-1045 or jnewman@thehour.com